Looking back on the December 1982 edition of Money Management, the cover details a London conference sponsored by MM, bringing together various people from the financial world with the title “What the financial experts think”.
So, what did the experts think?
More than 80 per cent believed the government’s approach to savings was patchy, 90 per cent thought commodities were riskier than shares and results were split on whether a UK regulatory authority would be introduced. But less than three years later, those that said yes were vindicated as the Securities Investment Board was born. This would later become the FSA in 1995 and FCA in 2013.
Low annuity rates have long been a subject of despair for many retirees, but in the early 80s things were a lot brighter. A 65 year old male could purchase a level annuity for £10,000 and generate a staggering £1,607pa. To produce the same level of income today would require a vested fund of £27,611. The phrase ‘back in the good old days’ has never rung so true. Fortunately, alternative products have since been introduced to provide retirement income options.
A feature with the headline Is money purchase the answer? is also tackled in the magazine. He made a case for money purchase arrangements being more attractive final salary schemes – something unimaginable in 2016. Given that final salary schemes have become virtually extinct in the private sector, the argument is also unlikely to resurface.
Terry Titmus dominates the centre spread. He manages a small team in his London office and has added “good life and pensions” to his product arsenal. This was Sun Alliance promoting a new video cassette on how to select potential customers and reach them with tailor-made letters and leaflets. All you needed to do was visit your local branch and watch the video. If it could benefit Terry, it could benefit you.
In other news…
Michael Jackson releases Thriller
Beat Surrender by the Jam was top of the charts, followed by Renée and Renato’s Christmas number 1 Save Your Love
Dentist Barney B. Clark was the first person to receive artificial heart
And MM’s new editorial assistant, Craig Rickman, was born (it was news to some people).
